Borrowers who use Newfi Wholesale’s 95% CLTV Piggyback can obtain jumbo loan amounts with an even lower down payment — while still getting agency pricing.
What’s exciting about the 95% CLTV Piggyback?
- Only 5% down payment required from borrower!
- Avoid mortgage insurance!
- Obtain agency pricing on your first mortgage!
- Purchase only
- Overlays to FNMA DU:
- 40% maximum DTI
- 740 minimum credit score
- 6 months PITIA reserves required (principal, interest, taxes, insurance, and association dues)
- Payment shock provision for first time home buyers: proposed PITIA payment cannot exceed 150% of current housing (rent) expense
- 1st mortgage standard or high balance conforming*
- 2nd mortgage loan amounts: $25,000 – $250,000
- 1st mortgage terms offered:
- Fixed: 10, 15, 20, 30 years
- ARMs: 5/1 and 7/1
- 2nd mortgage terms offered: 15 or 30 Years
- Primary residence only
- Fully delegated, and both loans underwritten concurrently
* High balance conforming in major metropolitan counties only